Mlambo is currently regional director Operations East Africa B of the African Development Bank (AfDB).
In April, Finance minister Tendai Biti said President Robert Mugabe had approved the appointment of Mlambo and Charity Dhliwayo as the bank’s two deputy governors in line with the amended Reserve Bank Act.
Before the appointment, RBZ had three deputy governors in Dhliwayo, Edward Mashiringwani and Nick Ncube, who had continued doing the job despite the expiry of their contracts in 2009.
A seasoned economist, Mlambo will sit on the board of the bank and can be appointed acting governor when the incumbent is away.
He is set to join the reconstituted monetary policy committee chaired by RBZ boss, Gideon Gono. The committee has deputy board chair Charles Kuwaza, Tony Hawkins, Mutasa Dzinotizei, Dhliwayo, Brains Muchemwa, Jesimen Chipika and Gibson Chigumira.
There is no place for Kenias Mafukidze and Rudo Faranisi despite Biti announcing their appointments in April.